The President of the Argentine Nation, Javier Milei, is in Italy, where today (12.02.2024) he held a meeting with Pope Francis.
The official agenda in Italy will continue with the Italian President, Sergio Mattarella, and the Premier Giorgia Meloni.
In this context, the Argentine Chamber of Commerce and Services (CAC) prepared a report to account for What is Argentina's relationship with Italy in numbers?
In this regard, the report shows that, during 2023, el commercial exchange between Argentina and Italy was 2614 million, an 4,7% less than 2022. Thus, bilateral trade fell again, as in 2020, and is 24,5% below the value of 2011, which was the record year of trade between the two countries. According to the document, this drop is largely explained by the drop in Argentine exports (in quantity) due to the severe drought that affected the country and the drop in international prices.
El trade balance between Argentina and Italy recorded a $1009 million deficit in 2023, which reflected a worsening compared to 2022, given that the bilateral trade balance had shown a deficit of 613 million dollars. The trade balance began to turn negative in 2012 and its average value between that year and 2023 is 480 million dollars.
What are Argentina's main exports and imports to Italy?
exports from Argentina to Italy were 803 million dollars, marking a 24,6% drop compared to the previous year. The main exported products included flour and pellets from soybean oil extraction (43,9%), shrimp and prawns (7,8% of the total) and beef (5,1%).
POn the other hand, the imports Argentines from Italy they reached the 1811 million, implying an increase of 7,9% compared to 2022. The main imported products were gasoline excluding aviation gasoline with 9,5%, gas turbine parts with 2,4% and diesel oil with 1,9%.
According to the CAC, 2011 was the record year for Argentine exports with 1979 million dollars and the period with the highest bilateral trade (3461 million dollars).
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